Paysme, a Fintech platform for small businesses, has announced its £1 million round via the private capital platform Globacap in order to expand what the company claims is Europe’s very first B2B “Super App.”
Paysme is working closely with payment service providers such as Barclays, Railsbank, TOQIO, Bambora, and Cybersource in order to provide mobile payments, digital commerce, virtual banking, accounting, lending, and insurance services via a single app.
The company’s Fintech-focused platform is powering financial services for more than 3,000 underserved SMEs in order to accelerate their move to an all-digital economy.
Paysme’s services have been customized for specific industry use-cases and the firm is now working across traditional enterprises that have been a part of the UK’s local communities including:Fanslive – digitizing football and rugby matchday experiences; Marketti – creating an online shopping community for the high street traders; Cab:app – a national taxi booking app for iconic black cabs and licensed taxis with professional drivers in more than 50 locations across the UK and Ireland.
The capital raised from Paysme’s round will be channeled towards further enhancing and expanding the firm’s services in order to support 1.3 million+ UK businesses and Ireland with great potential due to inadequate digital infrastructures. This reportedly represents a marketplace of many different businesses in the UK as well as Ireland with a value of approximately £111 billion, and many other European companies.
Derek Stewart, Founder and CEO at Paysme, stated:
“Paysme is at the core of the circular economy, championing the needs of local businesses and the communities they serve. These companies are the beating heart of our high streets and have been decimated by the pandemic – with almost 30 per cent of all small businesses closing for good. Our mission is to bring the high street and local communities back to life by giving them easy access to embedded digital financial services and reinvesting capital back into small independent operators through a customer ownership business model.”
“The Paysme platform hosts everything a small business needs to run its business in the digital economy in an integrated, easy, and cost-effective way with one point of personal contact from a team with a deep understanding of their industry. It eliminates the need to use a multitude of different unconnected suppliers for mobile payments, e-commerce, digital banking and administrative tools saving SMEs time, money and stress, and solving sector fragmentation and relationship marketing.”